According to DataQuick, home sales volume in San Francisco dropped 20.6% on a year-over-year basis last month (508 recorded sales in March ’08 versus 640 sales in March ‘07). And while sales volume increased 17.9% compared to the month prior (think seasonaility), in 2004 sales volume in San Francisco jumped 39.4% from February to March, in 2005 it jumped 38.9%, in 2006 it jumped 47.1%, and in 2007 it jumped 70.7%.
As we pointed out last month, however, it’s important to understand that DataQuick reports recorded sales which not only includes activity in new developments, but contracts that were signed (“sold”) many months or even years prior and are just now closing escrow (or being recorded). Early reports of sales activity for listed properties in San Francisco would suggest a closer to 30% year-over-year decline for existing property sales.
The median sales price in March was $755,000, up a negligible 0.3% compared to March ’07 ($752,800) and up 2.6% compared to the month prior. That being said, we continue to see mix playing a significant role in supporting the median sales price in San Francisco.
For the greater Bay Area, sales volume in March was down 41.1% on a year-over-year basis but increased 22.8% from the month prior (4,898 recorded sales in March ’08 versus 8,317 in March ’07 and 3,989 this past February). And the recorded median sales price fell 16.1% on a year-over-year basis (down 2.2% compared to the month prior).
At the extremes, Marin recorded a 48.8% year-over-year reduction in sales volume (a loss of 141 transactions) and a 4.4% drop in median sales price; Alameda recorded a 47.2% year-over-year reduction in sales volume (a loss of 869 transactions) and an 18.5% drop in median sales price; Santa Clara recorded a 46.2% reduction in sales volume (a loss of 947 transactions) and a 9.2% drop in median sales price; and Contra Costa recorded a 32.6% reduction in sales volume (a loss of 470 transactions) and a 26.9% drop in median sales price.
∙ Bay Area home sales remain at two-decade low [DataQuick]
∙ San Francisco Recorded Sales Activity In February: Up (14.9% YOY) [SocketSite]
∙ SocketSite’s San Francisco Listed Housing Inventory Update: 4/14/08 [SocketSite]